Common use of Ground Lessee’s Bankruptcy Clause in Contracts

Ground Lessee’s Bankruptcy. (i) Borrower assigns to Lender, as additional security for the Indebtedness, Borrower’s right to reject the Ground Lease under Section 365(h) of the Bankruptcy Code after the occurrence of an Event of Ground Lessee Bankruptcy, subject to Sections 6.19(e)(ii) through 6.19(e)(iv). (ii) If, after the occurrence of an Event of Ground Lessee Bankruptcy, Borrower decides to reject the Ground Lease, Borrower will give Lender Notice, at least 10 days in advance, of the date on which Borrower intends to apply to the court with jurisdiction respecting an Event of Ground Lessee Bankruptcy or an Event of Ground Lessor Bankruptcy for authority and permission to reject the Ground Lease. Lender will have the right, but not the obligation, within 10 days after receipt of Borrower’s notice, to deliver to Borrower a Notice (“Lender’s Assumption Notice”) in which (i) Lender demands that Borrower assume the Ground Lease and assign the Ground Lease to Lender, or its designee, in accordance with the Bankruptcy Code, and (ii) Lender agrees to cure or provide adequate assurance of prompt cure of all Ground Lessee Defaults reasonably susceptible of being cured by Lender and of future performance under the Ground Lease. (iii) If Lender timely delivers Lender’s Assumption Notice to Borrower, Borrower may not reject the Ground Lease and will, within 15 days after receipt of Lender’s Assumption Notice, comply with the demand contained in clause (i) of Lender’s Assumption Notice. (iv) If Lender does not timely deliver Lender’s Assumption Notice to Borrower, Borrower will have the right to reject the Ground Lease.

Ground Lessee’s Bankruptcy. (i) Borrower assigns to Funding Lender, as additional security for the Indebtedness, BorrowerXxxxxxxx’s right to reject the Ground Lease under Section 365(h) of the Bankruptcy Code after the occurrence of an Event of Ground Lessee Bankruptcy, subject to Sections 6.19(e)(ii) through 6.19(e)(iv). (ii) If, after the occurrence of an Event of Ground Lessee Bankruptcy, Borrower Xxxxxxxx decides to reject the Ground Lease, Borrower will give Funding Lender Notice, at least 10 days in advance, of the date on which Borrower intends to apply to the court with jurisdiction respecting an Event of Ground Lessee Bankruptcy or an Event of Ground Lessor Bankruptcy for authority and permission to reject the Ground Lease. Funding Lender will have the right, but not the obligation, within 10 days after receipt of Borrower’s notice, to deliver to Borrower a Notice (“Funding Lender’s Assumption Notice”) in which (i) Funding Lender demands that Borrower assume the Ground Lease and assign the Ground Lease to Funding Lender, or its designee, in accordance with the Bankruptcy Code, and (ii) Funding Lender agrees to cure or provide adequate assurance of prompt cure of all Ground Lessee Defaults reasonably susceptible of being cured by Funding Lender and of future performance under the Ground Lease. (iii) If Funding Lender timely delivers Funding Lender’s Assumption Notice to Borrower, Borrower may not reject the Ground Lease and will, within 15 days after receipt of LenderFunding Xxxxxx’s Assumption Notice, comply with the demand contained in clause (i) of the description of Funding Lender’s Assumption NoticeNotice in Section 6.19(e)(ii). (iv) If Funding Lender does not timely deliver Funding Lender’s Assumption Notice to Borrower, Borrower will have the right to reject the Ground Lease.

Ground Lessee’s Bankruptcy. (i) Borrower assigns to Funding Lender, as additional security for the Indebtedness, Borrower’s right to reject the Ground Lease under Section 365(h) of the Bankruptcy Code after the occurrence of an Event of Ground Lessee Bankruptcy, subject to Sections 6.19(e)(ii) through 6.19(e)(iv). (ii) If, after the occurrence of an Event of Ground Lessee Bankruptcy, Borrower decides to reject the Ground Lease, Borrower will give Funding Lender Notice, at least 10 days in advance, of the date on which Borrower intends to apply to the court with jurisdiction respecting an Event of Ground Lessee Bankruptcy or an Event of Ground Lessor Bankruptcy for authority and permission to reject the Ground Lease. Funding Lender will have the right, but not the obligation, within 10 days after receipt of Borrower’s notice, to deliver to Borrower a Notice (“Funding Lender’s Assumption Notice”) in which (i) Funding Lender demands that Borrower assume the Ground Lease and assign the Ground Lease to Funding Lender, or its designee, in accordance with the Bankruptcy Code, and (ii) Funding Lender agrees to cure or provide adequate assurance of prompt cure of all Ground Lessee Defaults reasonably susceptible of being cured by Funding Lender and of future performance under the Ground Lease. (iii) If Funding Lender timely delivers Funding Lender’s Assumption Notice to Borrower, Borrower may not reject the Ground Lease and will, within 15 days after receipt of Funding Lender’s Assumption Notice, comply with the demand contained in clause (i) of Funding Lender’s Assumption Notice. (iv) If Funding Lender does not timely deliver Funding Lender’s Assumption Notice to Borrower, Borrower will have the right to reject the Ground Lease.